The crypto industry is on the verge of seeing some important changes and this is due to the latest moves that have taken place. Check out the latest reports below.
It’s been revealed that the head of the Office of Science and Technology Policy (OSTP) is providing clarity about the intentions behind President Biden’s recent executive order on cryptocurrencies.
In a new press release, Dr. Alondra Nelson made sure to address a trifecta of policy initiatives for blockchain technology. These are reportedly ranging from expansive access, consumer safety, and reducing environmental impact.
Calling the plan “responsible digital asset innovation,” Dr. Nelson made sure to explain that a balanced approach must be taken to consider the effects of innovation and predation.
“Fully and equitably realized, digital assets could be cheaper and more efficient than traditional financial instruments…”
Dr. Nelson continued and said:
“Digital assets have serious potential to affect consumers, communities, the climate, and both US and global financial stability. Without proper controls in place, digital assets can enable fraud and crime, creating new ways to deceive American consumers and to facilitate illegal conduct.”
The new tech gains adoption
Regarding crypto mining’s carbon footprint, the report acknowledged that the challenges faced as a new technology gains wider adoption among the general population.
“Because certain types of digital assets currently require so much computing power – often in economies that rely on carbon-intensive energy supplies – the growth of digital assets potentially presents an environmental challenge at a time when we need to shift to carbon-free sources in order to combat climate change.”
The notes continued and said that the plan also includes exploring the ways in which the blockchain technologies could potentially benefit the environment.
These will also reportedly include “facilitating transactions related to liability for greenhouse gas emissions, water, and other natural or environmental resources.”